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The neuroprosthetics market share is expected to increase by USD 4.59 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.36%.
This neuroprosthetics market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers neuroprosthetics market segmentation by application (neuromodulation devices and cognitive devices) and geography (North America, Asia, Europe, and the Rest of the World (ROW)). The neuroprosthetics market report also offers information on several market vendors, including Abbott Laboratories, Boston Scientific Corp., BrainGate, Cochlear Ltd., EMOTIV Inc., and HI LLC dba. Kernel, MED EL Elektromedizinische Gerate GmbH, Medtronic Plc, NeuroMetrix Inc., NeuroPace Inc., Nevro Corp., Paradromics Inc., SensArs, Sonova Holding AG, Soterix Medical Inc., and Zynex Inc. among others.
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The increasing prevalence of neurological disorders is notably driving the neuroprosthetics market growth, although factors such as the high cost of neuroprosthetic products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the neuroprosthetics industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Neuroprosthetics Market Driver
The increasing prevalence of neurological disorders is one of the major drivers impacting the neuroprosthetics market growth. Neuroprosthetics is an emerging and promising therapeutic modality that is used when other usual treatments fail to cure the disease or condition. For example, foot drop is a medical condition when an individual experiences weakness or paralysis of the muscles that control the foot. This condition causes difficulty in walking. In such disorders, functional electrical stimulation using WalkAide, a neuroprosthetics device, enables people to walk faster and longer distances with less fatigue. It is useful for individuals suffering from various kinds of neurological disorders. Neurological disorders like MS, which affect the spinal cord and the brain, cause medical symptoms such as weakness and tingling of the muscles and blurred vision. MS is most commonly prevalent in countries such as Australia, New Zealand, Canada, Norway, France, Germany, and the US. Therefore, neuroprosthetic technologies, such as vagus nerve stimulation (VNS), SCS, DBS, and sacral cord stimulation, are growing rapidly in developed countries like the US, Canada, and Australia, as many people have neurological disorders like MS, stroke, and SCI.
Key Neuroprosthetics Market Trend
Increasing focus on research is one of the major trends influencing the neuroprosthetics market growth. Various scientific publications have recognized the effectiveness of neuroprosthetic devices in regaining and increasing muscle strength and ensuring continence, providing pain relief, and restoring body movement, including that of the limbs and arms. Over the years, there has been dedicated research involving the use of neuroprosthetic devices such as deep brain stimulators and nerve stimulators, which use an electrical current to stimulate a paralyzed muscle that is damaged or disabled. These research studies aim to provide greater mobility to people with neurological disorders who are undergoing treatment or rehabilitation therapy. Research studies indicate that neuroprosthetic devices restore motor functions. For instance, individuals with MS experience an increased range of motion in the lower limbs by using neuroprosthetic devices. Such devices have been proven to be an efficient therapeutic tool by various research studies. The increasing number of clinical trials conducted to validate neuroprosthetic devices, as well as rising awareness about such devices among medical professionals, are expected to propel the growth of the global neuroprosthetics market during the forecast period.
Key Neuroprosthetics Market Challenge
The high cost of neuroprosthetic products is one of the major challenges impeding the neuroprosthetics market growth. With the rise in the prevalence of neurological diseases and the increasing use of neuroprosthetics in various healthcare institutions such as hospitals and ASCs, the demand for neuroprosthetic devices has increased in various developed and developing countries. However, neuroprosthetic devices are very expensive as most insurance companies do not pay reimbursements for these devices. Health insurance generally only covers prosthetic limbs, but its coverage largely depends on the amputation level and the individual's physical condition. The initial cost of treating an individual using neuroprosthetics is high, especially for implantable devices. According to the NHS, the cost of surgical implantation of a neuroprosthetic device is very high. Computer-assisted devices cost $20,000-$30,000. These devices are very precise and take readings in milliseconds. According to McGimpsey and Bradford's report on Limb Prosthetics Services and Devices, a neural prosthetic arm may cost up to $100,000. Currently, a normal prosthetic limb costs $3,000-$30,000. A fully functional modular prosthetic limb presently costs around $500,000 to manufacture.
This neuroprosthetics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global neuroprosthetics market as a part of the global life science tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the neuroprosthetics market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the neuroprosthetics market encompasses successful business strategies deployed by the key vendors. The neuroprosthetics market is fragmented and vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in fast-growing segments, while maintaining their positions in the slow-growing segments.
The neuroprosthetics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our report provides extensive information on the value chain analysis for the neuroprosthetics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for the neuroprosthetics market in North America. Market growth in this region will be faster than the growth of the market in other regions.
The high incidence of neurological diseases will facilitate the neuroprosthetics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
Due to the rapid increase in the number of COVID-19 cases across North America, the CDC urged all clinics and hospitals to stop providing any treatment other than urgent or emergency care services. Furthermore, the economic recession and disrupted supply chains triggered by the pandemic also affected operations in clinics and hospitals. Owing to these factors, the market for neuroprosthetics declined in North America in 2020.
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The neuroprosthetics market share growth in the neuromodulation devices segment will be significant during the forecast period. Neuromodulation devices provide direct stimulation to the nervous system using electrical signals and have wide-ranging potential applications in replacing impaired neural function. These devices are useful in treating movement-related disorders and unmanageable chronic pain
This report provides an accurate prediction of the contribution of all the segments to the growth of the neuroprosthetics market size and actionable market insights on the post-COVID-19 impact on each segment.
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Neuroprosthetics Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.36% |
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Market growth 2022-2026 |
$4.59 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
9.88 |
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Regional analysis |
North America, Asia, Europe, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key consumer countries |
US, Canada, Germany, China, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, Boston Scientific Corp., BrainGate, Cochlear Ltd., EMOTIV Inc., HI LLC dba. Kernel, MED EL Elektromedizinische Gerate GmbH, Medtronic Plc, NeuroMetrix Inc., NeuroPace Inc., Nevro Corp., Paradromics Inc., SensArs, Sonova Holding AG, Soterix Medical Inc., and Zynex Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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